Saudi Arabia’s Crown Prince Mohammed bin Salman recently announced a $5 billion investment in Egypt through the Public Investment Fund (PIF) during a meeting with Mostafa Madbouly, Egypt’s Prime Minister, in Riyadh. This investment falls in line with the efforts of both Saudi Arabia and Egypt to boost economic and investment ties in key sectors.
Boosting investments
Madbouly noted that the two countries have finalized the agreement on the protection of joint investments which will significantly raise bilateral investments between Saudi Arabia and Egypt. In addition, he explained that Egypt will take constitutional measures to prepare for the agreement’s signing and ratification.
During the meeting, Madbouly explained that the Egyptian government has succeeded in resolving most of the problems of Saudi investors in Egypt. He noted that Egypt reached solutions for around 90 of the challenges facing Saudi investors, and only 14 disputes remain that Egypt will work on resolving.
Madbouly also praised the development taking place in the Kingdom under the Saudi Vision 2030, especially in urbanization. The prime minister also stressed the prominent role that Saudi Crown Prince Mohammed bin Salman plays in achieving real development that benefits Saudi people.
Greater cooperation in energy
The prime minister also briefed the Saudi Crown Prince on the government’s efforts to provide the necessary resources for the electricity sector and increase and diversify sources of new and renewable energies. In addition, he noted Egypt’s plan for electrical interconnection with Saudi Arabia before next summer.
Furthermore, Madbouly praised the cooperation between the Egyptian government and the Saudi company ACWA Power as one of the major producers of new and renewable energy and water desalination in the country.
For his part, bin Salman praised the important role that Egyptian workers play in Saudi Arabia’s development, expecting these numbers to keep increasing.
He also looked forward to holding the first meeting of the joint coordinating council in October. Bin Salman also stressed the importance of the electrical connection between Egypt and Saudi Arabia, stating that Saudi Arabia would provide additional facilities for companies operating in the new and renewable energy sector in Egypt.
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